# LCMS Convention Proceedings_St. Louis Missouri_1941_S260
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

260 Constitutional Matters

would be of no direct use or benefit to Synod in the pursuit of its
constitutional objectives, at such price or consideration and upon
such terms and conditions as in the opinion of the Board of Direc-
tors would best serve the interest of Synod.

8. Record and Inventory
The Board of Directors shall keep accurate minutes of its
proceedings. It shall keep a correct inventory of all the synodical
’ property and a true account of its management of such property.

9. Audits

The Board of Directors shall cause regular audits to be made
of all departments, boards, committees, and activities of Synod
and shall cause examinations to be made of the books and records
of all subsidized Districts, so far as these may relate to the sub-
sidies received from Synod. It may at any time cause an audit
to be made of any department, board, committee, or activity of
Synod, independently of the audits hereinbefore provided.

10. Balancing the Budget

The Board of Directors shall balance the budget as nearly as
possible and shall be authorized to do any and all things necessary
or expedient to accomplish this end. Members of the various
boards of Synod shall not solicit moneys from churches and so-
cieties in addition to the sums allowed them in the budget, unless
the Board of Directors has authorized them to do so. When extra
gifts are given for special purposes, such gifts shall inure to the
exclusive benefits of such particular purposes.

11, Bonding of Fiduciary Officers

All officers in fiduciary capacities in Synod are required to
furnish bond, the amount to be fixed and the premium to be paid
by Synod.

Academies, Colleges, and Seminaries
I. Administration
A. Ownership and Control

Ownership and control of all synodical academies, colleges, and
seminaries is vested in Synod. Synod exercises its control through
the Board of Directors, the Board for Higher Education, the
respective Board of Control, and the Board of Electors.

B. Board of Directors
See section on Board of Directors.

C. Board of Control
Synod shall elect a Board of Control for each of its institutions
in order to provide an effective local administrative organization,
to facilitate the achievements of the purposes for which the respec-
tive institution is being maintained, and to safeguard the financial,
academic, and religious interests of the Church in such institutions.